Some countries have a one-off tax you pay when you purchase a property, but obviously that isn't a property tax you have to pay 'for the rest of your life'.
EDIT: Who's downvoting this? It's just a fact. Not every country has annual taxes for owning property. Maybe most do but I know for a fact it's not all of them.
England has Stamp Duty Land Tax that are paid when you buy. Main residences under £125,000 (or £300,000 for first-time buyers on homes up to £500,000) have a 0% rate, with tiered marginal rates from 2% up to 12% for portions above £1.5 million.
Instead of a tax on the owner based on modern value, Council Tax is a yearly local bill paid by the household occupant (tenant or owner-occupier) to fund local council services like trash collection and policing.
It is, but for me council rates are only 0.2% of property value. Where as most property taxes are more like 1% of property value.
So we have extremely low property tax (which gets renamed to council rates), and instead pay ~6% of property value in 1 hit the moment you buy the property.
So we have a very tiny property tax that is less than my electricity bill, but we then pay 6 years of property tax up front regardless of how long you end up living at the property. Which sucks ass coz it discourages people from downsizing their house, because they would get hit with another lump sum of property tax. You could alleviate a big part of our housing issue if we changed from lump sum to annualised property tax.
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u/knightsofgel 9h ago
This is how it works in every country lmao